Security Expiration Date Sample Clauses

Security Expiration Date. The LOC or other approved security shall be valid through the date of issuance of a certificate of occupancy for the relevant development phase and the BOCC’s final release pursuant to paragraph c, below. If the completion date is extended by a written amendment to this Private Hangar Agreement, then the time period for the validity of the LOC or other security shall be similarly extended by Lessee. For each six (6) month extension, at the sole option of the BOCC, the face amount of the LOC or other security shall be subject to re-certification of the costs of completion, by ▇▇▇▇▇▇’s architect, professional engineer or construction contractor, and review by the BOCC for a possible increase (or decrease) in the face amount of the LOC in order to assure sufficiency of the amount of security to allow completion of the Hangar and other improvement by the BOCC and payment of all claims.